Corteva, Inc. today announced the company signed an agreement with J.G. Boswell Company to purchase its ownership interest in PhytoGen Seed Company, LLC — a joint venture between the two companies.
PhytoGen Seed Company, LLC, was formed to focus on the U.S. cottonseed industry. With a 53.5% stake prior to the agreement, Corteva has operated this joint venture in the U.S. market through its wholly owned subsidiary, Mycogen LLC.
“This acquisition provides a solid proof point of our consistent commitment to driving long-term growth through targeted investments in solid margin opportunities that at the same time strengthen our ability to serve our customers,” said James C. Collins Jr., Corteva Agriscience chief executive officer.
“With this action, we intend to build on the strong foundation we established with J.G. Boswell Company over the last two decades — continuing to serve cotton customers with our growing global portfolio of leading cottonseed products,” said Steve Reno, Corteva Agriscience Seed Business Platform president. “This step further strengthens Corteva Agriscience’s commitment to the cotton market — and positions the company well to diversify and grow this business globally over time.”
With a 100% ownership position in PhytoGen Seed Company, LLC, Corteva will become the sole owner of the intellectual property, including patents, trademarks, proprietary germplasm and information, as well as know-how. Financial terms of the agreement were not disclosed.